By: Rick Stein, Vice President, Fresh, Industry Relations, FMI
As we enter the next decade, we enter a new era of food retail – sure to be packed with as much innovation, growth, and restructuring as the last one. There is one sector of the industry that in 2019 achieved expansion not only onto store shelves but into the minds of consumers — plant-based. From hyper-realistic plant-based meat products becoming staple menu items in fast-food restaurants to non-dairy milk sales soaring, plant-based food products are key competitors and generating billions of dollars in revenue.
In a highly innovative, yet continuously developing market, comes the need for direction in how to follow changing consumer behaviors and best capture buyer dollars seeking plant-based alternatives. To achieve that goal, FMI produced a three-part webinar series on the plant-based topic that offers an in-depth analysis of the booming plant-based industry.
The Plant-Based Tipping Point webinar addresses factors driving increasing interest in plant-based foods, and how to capitalize on this consumer shift.
- Most consumers of plant-based food products are pursuing a flexitarian lifestyle.
- Plant-based shoppers are valuable, spending 61% more than the average shopper.
- Plant-based meat is an $800 million category for both restaurant and grocery with significant potential for growth through increased category penetration, which can be driven by shelf placement adjacent to conventional meat.
The Surge of Plant-Based Foods webinar delves into what growing consumer interest in plant-based foods means for retailers and CPG manufacturers.
- Key motivators for consuming more plant-based food products are health and weigh management, but also interest in reducing environmental impact and promoting animal welfare.
- Plant-based milk and meat substitutes are the largest categories, however, plant-based is rapidly expanding in creamers, protein supplements, yogurt and whipped toppings.
- Protein bars, meat substitutes, refrigerated milk, yogurt and ice cream are products with the newest items launched in 2019.
Understanding the Plant-Based Food Consumer webinar provides insights into plant-based consumer demographic and purchase trends.
- Dollar sales growth was seen across regions, with sales strength in the Northeast.
- Affluent Millennials and GenXers are more likely to purchase plant-based products, including those appealing to children.
- While dairy products are preferred for taste, family appeal and familiarity, barriers to purchasing include digestion and health perceptions.
After a massively successful year for plant-based in 2019, it’s safe to say 2020 will see more even more growth. The earlier you inform yourself on the vast world of plant-based, the better you set yourself up for success.
Access the Free Webinars To Learn More:
- The Plant-Based Tipping Point
- The Surge of Plant-Based Foods
- Understanding the Plant-Based Food Consumer
Photo Credit: Impossible Foods